CANBERRA- Chicago soybean futures held steady on Wednesday after data showed a rise in US export inspections and a slight deterioration in the condition of US crops, although gains were capped by a record harvest in top exporter Brazil.
Wheat and corn futures were little changed.
Soybean traders are also watching energy markets, with higher oil prices boosting ethanol made from plants, including soy, and supply from Brazil, said Ole Houe at brokerage IKON Commodities.
Crude rose sharply after violence flared between Israel and the Palestinian militant group Hamas but has since stabilized.
“Near term, there’s probably a little more downside for soy, but longer term, it’s quite likely to find support when we start to question production estimates in South America,” Houe said.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was flat at $12.71 a bushel after rising 0.6 percent in the previous session.
Corn was unchanged at $4.85-1/2 a bushel and wheat also flat at $5.58-1/4 a bushel.
